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Social Security: What You Don't Know About Your Biggest Retirement Benefit

Source: https://thestreet.com/personal-finance/savings/social-security-what-you-don-t-know-about-your-biggest-retirement-benefit-14589226 - May 16, 2018

You would not be alone if you didn't know how Social Security works. Nearly half (47%) of Americans age 50 and over failed a basic true/false 5-question quiz on Social Security retirement benefits, according to the MassMutual Social Security retirement benefits survey.

To be fair, that's an improvement over a survey MassMutual conducted in 2015. Back then, six in 10 Americans age 50-plus failed a broader 10-question true/false quiz.

So, it's encouraging. But it's still a bit alarming. "The good news is that we've made a little bit of progress, but effectively about half of the people have not done well on five basic questions," David Freitag, a Social Security expert with MassMutual, said in an interview.

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Category: General Business